The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, signaling the newest significant transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, indicating that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on YouTube.
This is a further major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to severe reductions in filming.
"The Academy is an international organization, and this collaboration will allow us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our membership and the cinematic world," said Academy leadership in a announcement.
For many years, audience numbers of the ceremony have dropped, though there was a small rise in recent years, with a considerable amount of younger viewers streaming from mobile devices and laptops.
In a separate statement, the video platform's chief executive called the Oscars "one of our fundamental cultural institutions" and noted that partnering with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' celebrated legacy".
ABC, which has televised the ceremony since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will still host.
The move follows large entertainment companies face challenging merger discussions. Both options were considered unfavourable for an sector that has experienced significant downsizing over the past several years.
In common with major studios, traditional TV channels have struggled as the audience has increasingly opted for streaming services instead.
The platform securing rights to the Oscars clearly signals that dependence on streaming sites will carry on expanding.
